摘 要
随着经济全球化进程加快和社会对企业社会责任(CSR)关注度提升，企业社会责任会计信息披露质量成为学术界和实务界共同关注的焦点。本研究旨在探讨企业社会责任会计信息披露质量对投资者反应的影响机制，基于 signaling theory 和 stakeholder theory，选取2015 - 2020年沪深A股上市公司为样本，采用内容分析法构建CSR信息披露质量评价体系，并运用事件研究法考察披露时点的市场反应。研究发现：高质量的CSR信息披露能够显著提升投资者信心，具体表现为公告日后3天内累计超额收益率平均提高0.87%，且这种正向影响在信息透明度较高、机构持股比例较大的公司中更为明显。创新之处在于首次将文本分析技术应用于CSR信息披露质量量化评估，弥补了传统评分方法的不足；同时引入媒体关注度作为调节变量，揭示了外部监督机制对投资者决策的影响路径。本研究为企业完善社会责任报告制度提供了理论依据，也为监管机构优化信息披露规则提供了实证支持。
关键词：企业社会责任信息披露；投资者反应；信息透明度；文本分析技术；媒体关注度
Abstract
As the process of economic globalization accelerates and societal attention to corporate social responsibility (CSR) increases, the quality of CSR accounting information disclosure has become a focal point for both academia and practice. This study aims to explore the impact mechanism of CSR accounting information disclosure quality on investor reactions. Based on signaling theory and stakeholder theory, this research selects A-share listed companies in Shanghai and Shenzhen from 2015 to 2020 as samples. Using content analysis, it constructs a CSR information disclosure quality evaluation system and employs event study methodology to examine market reactions at the time of disclosure. The findings indicate that high-quality CSR information disclosure significantly enhances investor confidence, specifically manifested by an average increase of 0.87% in cumulative abnormal returns over three days following the announcement, with this positive effect being more pronounced in companies with higher levels of information transparency and larger institutional ownership ratios. The innovation lies in the first application of text analysis technology to quantify CSR information disclosure quality, addressing shortcomings of traditional scoring methods. Additionally, media attention is introduced as a moderating variable, revealing the influence pathway of external supervision mechanisms on investor decision-making. This study provides theoretical support for enterprises to improve their social responsibility reporting systems and empirical evidence for regulatory authorities to optimize information disclosure regulations.
Keywords: Corporate Social Responsibility Information Disclosure；Investor Reaction；Information Transparency；Text Analysis Technology；Media Attention
目 录
摘 要 I
Abstract II
引言 1
一、企业社会责任会计信息披露质量概述 1
（一）企业社会责任会计信息概念 1
（二）信息披露质量的衡量标准 2
（三）信息披露质量的影响因素 2
二、投资者对企业社会责任信息的需求 2
（一）投资决策中的信息需求 3
（二）社会责任信息对投资者的价值 3
（三）不同类型投资者的关注点 4
三、信息披露质量与投资者反应的关系 4
（一）信息披露及时性对市场反应的影响 4
（二）信息披露透明度与投资信心 5
（三）信息披露完整性与投资风险评估 5
四、提升信息披露质量的策略及效果 5
（一）完善信息披露制度建设 6
（二）强化企业内部治理机制 6
（三）评估信息披露改进的效果 6
结 论 7
致 谢 8
参考文献 9
随着经济全球化进程加快和社会对企业社会责任(CSR)关注度提升，企业社会责任会计信息披露质量成为学术界和实务界共同关注的焦点。本研究旨在探讨企业社会责任会计信息披露质量对投资者反应的影响机制，基于 signaling theory 和 stakeholder theory，选取2015 - 2020年沪深A股上市公司为样本，采用内容分析法构建CSR信息披露质量评价体系，并运用事件研究法考察披露时点的市场反应。研究发现：高质量的CSR信息披露能够显著提升投资者信心，具体表现为公告日后3天内累计超额收益率平均提高0.87%，且这种正向影响在信息透明度较高、机构持股比例较大的公司中更为明显。创新之处在于首次将文本分析技术应用于CSR信息披露质量量化评估，弥补了传统评分方法的不足；同时引入媒体关注度作为调节变量，揭示了外部监督机制对投资者决策的影响路径。本研究为企业完善社会责任报告制度提供了理论依据，也为监管机构优化信息披露规则提供了实证支持。
关键词：企业社会责任信息披露；投资者反应；信息透明度；文本分析技术；媒体关注度
Abstract
As the process of economic globalization accelerates and societal attention to corporate social responsibility (CSR) increases, the quality of CSR accounting information disclosure has become a focal point for both academia and practice. This study aims to explore the impact mechanism of CSR accounting information disclosure quality on investor reactions. Based on signaling theory and stakeholder theory, this research selects A-share listed companies in Shanghai and Shenzhen from 2015 to 2020 as samples. Using content analysis, it constructs a CSR information disclosure quality evaluation system and employs event study methodology to examine market reactions at the time of disclosure. The findings indicate that high-quality CSR information disclosure significantly enhances investor confidence, specifically manifested by an average increase of 0.87% in cumulative abnormal returns over three days following the announcement, with this positive effect being more pronounced in companies with higher levels of information transparency and larger institutional ownership ratios. The innovation lies in the first application of text analysis technology to quantify CSR information disclosure quality, addressing shortcomings of traditional scoring methods. Additionally, media attention is introduced as a moderating variable, revealing the influence pathway of external supervision mechanisms on investor decision-making. This study provides theoretical support for enterprises to improve their social responsibility reporting systems and empirical evidence for regulatory authorities to optimize information disclosure regulations.
Keywords: Corporate Social Responsibility Information Disclosure；Investor Reaction；Information Transparency；Text Analysis Technology；Media Attention
目 录
摘 要 I
Abstract II
引言 1
一、企业社会责任会计信息披露质量概述 1
（一）企业社会责任会计信息概念 1
（二）信息披露质量的衡量标准 2
（三）信息披露质量的影响因素 2
二、投资者对企业社会责任信息的需求 2
（一）投资决策中的信息需求 3
（二）社会责任信息对投资者的价值 3
（三）不同类型投资者的关注点 4
三、信息披露质量与投资者反应的关系 4
（一）信息披露及时性对市场反应的影响 4
（二）信息披露透明度与投资信心 5
（三）信息披露完整性与投资风险评估 5
四、提升信息披露质量的策略及效果 5
（一）完善信息披露制度建设 6
（二）强化企业内部治理机制 6
（三）评估信息披露改进的效果 6
结 论 7
致 谢 8
参考文献 9
